Portsmouth's major creditors have denied taking any money out of the stricken Championship outfit and accused the club's administrators of not doing enough to avoid the possibility of liquidation.

Pompey's financial position has been the stuff of nightmares since 2009, when former owner Sacha Gaydamak admitted he no longer had the funds to run the club.

A succession of collapsed sales and two administrations have followed, finally leading present administrator Trevor Birch to say Portsmouth have insufficient funds to get through the season and face a very real possibility of becoming the first professional club in England to go out of business in the middle of a season since Aldershot in 1992.

Not looking good: Portsmouth may not be able to finish the season

Much of the blame has been laid at the door of Portpin Ltd, and its shareholders Balu Chainrai and Levi Kushnir, whom are alleged not to have the club's interests at heart.

However, in a detailed statement Chainrai and Kushnir have defended their position.

'Portsmouth FC has reached a critical juncture,' said the statement. 'It is with an increasing sense of real frustration that we feel the process of finding an equitable solution is being derailed.

'This is a tough but not unsolvable situation. However, if people are more concerned with chasing shadows and hearsay in anticipation of being unable to complete the assignment instead of rising to the challenge of and actively finding suitable buyers, the club will cease to exist.

'There are no winners when a business dies. "We need to collectively find a solution to save the club.'

Trying times: Portsmouth manager Michael Appleton has a job to do

In its statement, Portpin say they have not received a penny of the money promised by the now discredited CSI group when they agreed to buy Portsmouth in 2011.

Instead, they have banked just one interest payment of £240,000, which was done shortly before they were asked to provide further financial assistance after CSI, 80 per cent owned by Lithuanian businessman Vladimir Antonov, failed to pay December's wages on time.

Even after the club entered administration once more last month, there were some nasty surprises waiting as a potential short-term way out of the present situation was sealed off once it was established that a parachute payment of £2.2million had been promised to Gaydamak as part of the sale to CSI.

Portpin have been attacked for the deal. However, in their statement, Portpin say that the club could not have been sold to CSI without Gaydamak receiving 'new security over the new club by way of assignment of the Premier League parachute payments'.

And they insist if it had not gone through Portsmouth, who on Friday loaned skipper Liam Lawrence to Cardiff to help ease their financial burden, would have almost certainly been liquidated.

The clock is ticking: Portsmouth are desperate to find a new owner, says administrator Trevor Birch

But for Portsmouth and their fans, it proved to be a brief reprieve, with Birch now tasked with finding a buyer who can unravel the present situation, which includes a further sum in excess of £10.8m that CSI raised to buy players without any obvious way of paying it back.

Portpin insist it can be done. However, not with the kind of attitude they feel Birch has adopted.

'We do not understand PKF's approach,' said the statement. 'Daily, we find ourselves attacked in the press by PKF.

'The ultimate irony here is that PKF acted as financial advisor to CSI in the acquisition of the club from us.

'If they had felt anything was untoward in the history of the club and its financing, they would have flagged that to their client at that time and advised against the purchase.

'As clearly evidenced in their due diligence report to CSI on the acquisition, they supported the purchase entirely.

'It is therefore quite peculiar that PKF is now pleading ignorance to terms that were agreed in not only the first CVA but also to the purchase of the club by CSI less than five months ago.

'We honestly felt we had put Portsmouth in as sound as possible a financial position when we sold it to CSI.

'You can imagine our surprise, then, when CSI got into extreme financial distress and we were forced to once again become reluctant owners.

'We do not want to see the club be forced into liquidation, as the current administrator appears to be suggesting.

'Given that no creditor or new buyer has agreed to step forward yet in this short time to fund this administration process run by PKF, it appears that liquidation may be the only way PKF would be able to get paid.

'Otherwise, we don't understand why after only two weeks on from their appointment - Trevor Birch and PKF want to register on their record a liquidation of this very proud club.

'We, on the other hand, call on all parties involved to work together to try to find any other solution that liquidation of a football club that has been in existence since 1898.'